The past 12 months have been tough for online wholesale finance. Banks are ditching their e-commerce divisions, having finally realized that keeping them separate from the business lines is ridiculous. Some multibank sites have closed. But online analytics have come into their own, transparency is improving and banks generally have a better idea of what the internet can and cannot do. Even so the web is still not fulfilling its potential. Despite all the talk about the net making the markets more open, politics and secrecy are damaging web-based trading. Banks know that they have not found the perfect way to trade online but some of their individual products excel.